You work hard for your money (hopefully), so shouldn’t your money work hard for you? I’m hoping your answer is “Heck yes, Raya”! But if not, I’ll settle for an “I’m intrigued”! Money is a tool. A resource. An engine we can use to obtain what we want, or say no to things we don’t want. It gives us options – but only when we make money work better for ourselves.
If you’re using money to the detriment of your situation, it’s doing more harm than good…no matter how exciting it feels in the moment. While I truly believe there’s an infinite supply of money, you have to put yourself in a position for money to make its way to you. It starts with making your current income or money work better for you.
When you do right by your money, your money does right by you. Even if you’re unhappy with what you’re currently making, you can still do the right things with your money. Check out 7 steps to making your money work better for you. Start implementing these steps as soon as you can, and you’ll see the ripple effect in your financial situation!
7 Steps to Making Your Money Work Better for You
#1 Practice gratitude for your current income
The beauty about the first step of making your money work better for you is that you can start RIGHT NOW. In fact, let’s do it together. Take a deep breath in and say these words out loud: “I am so grateful for the money I do make”. Now, say these words: “I am beyond blessed to have money coming in.”
I want you to say those words every day. I also want you to practice gratitude throughout the day – it doesn’t just have to be related to money. Anything you’re thankful for, I want you to acknowledge it. The thing is, gratitude makes for a richer life. It’s something that most people take for granted or don’t practice. It’s an absolute necessity as you make your way to your goals.
#2 Tell your money what to do with a budget
One of my favorite money quotes is “Money is an excellent servant but a terrible master.” It basically means that if you let your money control you, things will never be what you want. On the flip side, if you tell your money what to do, it will obediently listen. If you’re not sure how to tell your money what to do, I want you to know this: IT ALL STARTS WITH A BUDGET.
A budget is the exact tool that tells your money what it should do. Sure, it’s up to you to make sure you’re implementing the budget accordingly, but the first step is getting one created. I’ve been creating budget plans for over a decade. Need one? Let’s start your budget today!
Whether I create one for you or you create one yourself, you can’t escape the fact that you need a budget. Because we need to give our money guidance, a budget makes it possible to do just that.
#3 Pay yourself first
The notion of “pay yourself first” is one of the money principals from The Richest Man in Babylon. It’s also a tried-and-true piece of financial advice. It means that whenever you get paid, a portion should be saved immediately. Paying yourself first means before money has a chance to go anywhere else, a portion first stays with you (in the form of savings).
In the Richest Man in Babylon, the recommendation is saving 10% off the top. I understand that’s not always possible, but something should be saved right when you get paid. Take a look at your budget to see what you can realistically afford to save. Whatever that number is, start there and work your way up as you earn more, or you learn to live on less.
#4 Save for your future self
When you’re looking to make money work better for you, saving for your future self is a necessary step. What do I mean? Well, saving for life in retirement! I don’t know about you, but I don’t want to work in my golden years (unless it’s of my own choosing). I certainly don’t want to work because I failed to manage my money when I was younger!
If you work for an employer that offers a 401k or other retirement plan, take advantage! Contributing to retirement is one of the best ways to ensure your future self is financially protected. If your employer doesn’t offer a retirement plan, you can always open an IRA through a financial institution like Betterment, Fidelity, Robinhood or Vanguard.
I would always recommend contributing up to what your employer with match, at minimum. Otherwise, you can always look at your budget to see what you can afford to save for retirement. Anything is better than nothing.
#5 Learn more about managing money
Doors to the Money Management Mastery Program are opening soon. This is my 8-week online program designed to take my students through the entire money management journey. Talk about making your money work better for you!
Whether you join the MMM program or not, you should be seeking out ways to learn about managing money. Like any other skill that can be acquired through knowledge and experience, managing money is no different. There is always something new to learn that can help you be better with money. If you want to make the current money you have work better for you, seek out that knowledge!
#6 Control your spending
One of the best ways to control your spending is to identify what causes you to spend in the first place. Know what triggers or impulses drive you to swipe your card. Are you bored with nothing better to do? Did you receive a bonus so you’re going to spend it? Did you have a hard day at work so you deserve it?
When you know what triggers you to spend, especially when you shouldn’t, you can work to find other ways of handling those emotions. Trust me, the temporary high you get from purchasing something fades. Eventually, the feeling you get from having no debt and money in savings is worth all the control!
#7 Believe that more money will always come
When you do right by your money, your money does right by you. I said this earlier, but it bears repeating. Doing the right things with your money will open the door for more. If you believe that more money will makes its way to you, it definitely will – but only if you’re in a place to receive it.
If you have a hard time with money mindset, I want you to try some money rituals to attract wealth. Your thoughts are powerful. If you think you won’t have enough, you surely won’t. On the other hand, if you think money will come to you, it surely will.
You’ll notice there isn’t a common theme among the steps to make money work better for you. You’ll have to shift your mindset. You’ll have to budget. You’ll have to save. There’s no one way to accomplish money management mastery – it takes a few different actions to achieve. That’s okay. The sooner you start, the better off you’ll be.
What step can you take today to make your money work better for you? What do you think has held your money situation back up until this point? Share your feedback, comments and questions in the Comments Section below! We love to hear from the CGS community!